Various forms of magnetic key operated padlocks have heretofore been proposed, as evidenced by U.S. patents to Hisatsune U.S. Pat. No. 3,633,393 and Boving U.S. Pat. No. 3,657,907. These prior locks are believed to possess one or more disadvantages including complex construction resulting in unacceptable manufacturing costs, and operating mechanisms, which may be readily damaged during normal use and/or which reduce the structural integrity of the lock.